Pacific Life has launched a new indexed universal life ("IUL") insurance product that, the company said in a statement, was designed for "long-term life insurance protection, competitively priced premiums, and the simplicity of no-lapse guarantees."

"The marketplace responded with unprecedented enthusiasm to the innovative design of Pacific Discovery Xelerator IUL, our accumulation-based IUL, in 2017," said Stephan Mitchell, assistant vice president of product marketing for the life insurance division at Pacific Life. "This year, we're proud to apply a similar design to a protection-focused product."

According to Pacific Life, its new IUL product offers competitive lifetime level premiums and no-lapse guarantees typically to or beyond average life expectancy, providing another financial tool for the high-net-worth seeking efficient wealth transfer.